US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq closed near the flatline as AI giants remained under pressure. Senate Republicans rejected Democrats' offer to scale down shutdown demands, but lingering hopes of an incoming agreement improved risk sentiment before the closing bell. The suspension of operations and government data were evidenced by the deteriorating consumer confidence measured by...
The Australian Dollar (AUD) posts gains against the US Dollar (USD) on Friday after registering losses in the previous session. The AUD/USD pair jumps as the Greenback comes under pressure, driven by lower US Treasury yields, which continue to depreciate after the 30-year US bond yield topped in 19 months. US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its way to the Senate floor, which has raised concerns regarding the increase in the fiscal deficit in the United States (US). However, the AUD/USD pair depreciated on Thursday as the US...
Silver price (XAG/USD) edges higher after registering losses over 1% in the previous session, hovering around $33.10 per troy ounce during the Asian trading hours on Friday. The manufacturing-sensitive commodities, including Silver, faced challenges due to growing concerns regarding the increase in the fiscal deficit in the United States (US). However, rising safe-haven demand over these fiscal concerns could offset the demand-related threat surrounding such commodities. On Thursday, US President Donald Trump's "One Big Beautiful Bill" passed the US House of Representatives and is on its...
The Japanese yen strengthened to around 143.6 per dollar on Friday and was set to advance more than 1% for the week, underpinned by hotter-than-anticipated inflation data. Japan's core inflation rate accelerated more than expected to 3.5%, the highest in over two years. This reinforces expectations that the Bank of Japan will continue tightening monetary policy in response to sustained inflationary pressures. Meanwhile, the headline inflation rate remained steady at 3.6%. The yen also benefited from a general weakness in the dollar amid concerns about the US fiscal outlook. Elsewhere,...
The dollar index fell to around 99.6 on Friday and was set to lose more than 1% for the week, weighed down by concerns over the US fiscal outlook. President Trump's new budget bill, which includes tax cuts and increased defense spending, has raised concerns that it could further inflate the US national debt. The Congressional Budget Office estimates the bill will add nearly $4 trillion to the national debt, fueling fears of long-term fiscal instability. These concerns were compounded by Moody's recent downgrade of the US credit rating from Aaa to Aa1, citing ballooning deficits and the...
WTI crude oil futures fell below $61 per barrel on Friday, heading for its first weekly decline in three, pressured by the potential for OPEC+ to raise crude production. The group is reportedly considering a third consecutive monthly increase in output quotas, possibly adding 411,000 bpd in July, though no agreement has been finalized. This adds to growing oversupply concerns, following an unexpected rise in US crude stockpiles earlier in the week. Data from The Tank Tiger also showed that US crude storage demand has recently surged to levels last seen during the COVID-19 pandemic, as...